1. The department shall certify a cotton growers’ organization for the purpose of entering into agreements with the state of Missouri, other states, the federal government, and other parties as may be necessary to carry out the purposes of sections 263.500 to 263.537.

2. In order to be eligible for certification by the department, the cotton growers’ organization must demonstrate to the satisfaction of the department that:

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(1) It is a nonprofit organization and could qualify as a tax exempt organization under Section 501(a) of the Internal Revenue Code;

(2) Membership in the organization shall be open to all cotton growers in this state.

3. The organization shall have only one class of members with each member entitled to only one vote.

4. The organization’s board of directors shall be composed as follows:

(1) Two Missouri cotton growers recommended by the department, to be appointed by the governor;

(2) Three Missouri cotton growers recommended by the largest general farm organization in this state, to be appointed by the governor;

(3) Three Missouri cotton growers recommended by the largest cotton producer organization in this state, to be appointed by the governor;

(4) One representative of state government from this state recommended by the department, to be appointed by the governor.

5. Directors shall serve for three-year terms, but of the first board appointed three members shall serve for a term of one year, three members shall serve for two years and three members shall serve for three years. All books and records of account and minutes of proceedings of the organization shall be available for inspection or audit by the department at any reasonable time.